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a real budget cut. the u.s. postal service says it's ready to stop saturday delivery beginning this summer. it will save them $2 billion. unfortunately it's losing $16 billion a year. it's a start. more budget cuts may be coming. house speaker john boehner saying today he won't bail out the president when it comes to the sequester budget cut. and eric cantor says the spending cut sequester is going through. i will talk to mr. cantor in a little while. the u.s. and global stock market continues. japan is up 32%. first up this evening, neither snow nor rain nor saturday. the post master general today announcing the postal service will stop saturday letter deliveries. take a listen. >> a typical large organization would have either cash on hand or borrowing ability. two months worth of cash to cover operating costs. in october this year the postal service had less than four days of cash on hand. that's a scary situation. it's no situation that a business should be in. >> all right. sounds like it's time to close up shop all together and privatize the post office. four days of cash
dropped dramatically in the u.s. and it's because we pay people not to work and we tax them if they do work. >> and one more. i don't want to pile on. i'm so pleased that you're on the show. >> it's okay, i can take it. >> i know you can. i want to note that i think the president killing this jobs council, whatever, really window dressing, floor flushing -- he never used the thing. they had a lot of good ideas on corporate tax reform and regulations and things. he never used that. i think it's kind of embarrassing. after you get a bad gdp number. lousy unemployment claims. now he kills it. that's got to be stupid politically and economically. >> well, look, i think we need to have a much deeper conversation between government and business. i think that we need to remember that each recovery has been weaker since the early 1990s. this is not something that's just been happening over the last few years. a couple of decades of growth. it's about globalization. we need to come to grips with this and we need to have a deeper conversation. do we need tax reform? yes. we probably need an over
job to look after it. >>> u.s. government is suing s&p and its parent company mcgraw hill perhaps for as much as $5 million over its massive ratings mistakes on mortgage bonds and subprime issues. so far only s&p is being sued. while s&p's parent mcgraw hill stock dropped by 24%, moody's is also down by 20% since this news broke. let's ask two key questions right up front. first, is there a smoking gun inside s&p? or is this political pay back for s&p cutting the u.s. debt rating back in 2011? here's what the attorney for standard & poor's floyd abrams told david faber on cnbc earlier today. >> i don't think anyone knows. is it true that after the downgrade the intensity of the investigation significantly increased? yeah. i'm sure the government would say that it had nothing to do with it. we don't know why. >> but it did increase after the downgrade. >> yeah. >> but you don't though wt tho'. >> how could i? >> eric holder addressed that at his press conference today. >> they did what they did assessing what the credit wor y tth worthyness was of this nation. we looked at the fac
of who his foreign funding sources were after he left the u.s. senate. that could kill him. we'll have the latest. and please don't forget, free market capitalism is the best path to prosperity. that includes lower spending and limited government. i'm larry kudlow. we'll be right back. ♪ get ready for a lot more of that new-plane smell. we're building the youngest, most modern fleet among the largest us airlines to ensure that you are more comfortable and connected than ever. we are becoming a new american. all right that's a fifth-floor probleok.. not in my house! ha ha ha! ha ha ha! no no no! not today! ha ha ha! ha ha ha! jimmy how happy are folks who save hundreds of dollars switching to geico? happier than dikembe mutumbo blocking a shot. get happy. get geico. fifteen minutes could save you fifteen percent or mor . welcome back. we'll take a quick look at the stock market. we bring in cnbc's courtney reagan to give us a rundown. >> reporter: of course we've got a lot of snow out there. traders did go to work, some of them. at least we had a pretty low volume day, the lowest of t
be inconclusive, which means italians would potentially have to vote again. u.s. ten-year yield moving lower as investors looked for safety in wake of the italian election. the fear index saw its biggest daily gain in over a year, indicating that fear is back in the game. the dow jones industrial ending the day with a triple-digit loss. clearly this italian election is testing investor sentiment, indicating that not only is the eurozone debt crisis not behind us, but it might take longer than expected to resolve the longer the italian election takes, the longer the push for reform and austerity will be delayed in europe's third largest economy. that's the perception on the street. >> it is. i think you're exactly right. let's bring in our distinguished panel to talk about this. the president and ceo of steven nicolas. michael ozanian, forbes executive editor. waiting in the wings getting ready to join us in a few minutes about the threat of a government shutdown here at home, we have democratic strategist steve mcmahon, and we welcome former texas senator kay bailey hutchison. ron, let me be
that testified on the hill and sequester cuts would create a significant head wind to the u.s. economy and john boehner, the house speaker, fired back at president obama and said the problem isn't the house. they pass alternatives to sequester last year and the problem is the senate hasn't acted. here is the speaker. >> we have moved the bill in the house twice. we should not have to move a third bill before the senate gets off their ass and begins to do something. >> both sides have those arguments but only one side is winning this argument so far as we see in our new nbc "wall street journal" poll tonight. when you ask americans whether or not president obama is using to unify the country or in a partisan way by 48-43 he is trying to unify the country and republicans overwhelmingly the public says are doing the opposite. only 22% say they are bringing it together and 64% in a partisan fashion that does not unify the country, larry, and this is what democrats are counting on is that the pressure over time by a public that's predisposed to blame republicans is going to make them buckle on taxes
in the center of the u.s. is the price of oil is below the world price. if you build the keystone oil pipeline, what is going to happen is the price of oil in the center of the united states is going to go up by about $20 a barrel. and the major beneficiaries are going to be the producers of the oil in canada and a few refinery owners in the midwest. so i think to portray that as if it is equivalent to the benefits that we're going to get from the domestic drilling for natural gas i think -- >> explain to me why just on this point producing more oil is going to lift the price of oil. i don't get that. >> we were talking about the keystone pipeline. >> i am. that just shifts it to the refiners so the possibility exists that gasoline prices may come down. >> no. the keystone pipeline takes the oil from canada and gets it to the gulf of mexico. right now that gets into the center of the country and there's a distribution bottle neck that it can't get out on to the world market. that's why the curbing oil price is below the world oil price. once you get that thing out to the world market, the cana
a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small. >>> it's gone largely unnoticed but a new report today warns federal retirement pensions could go bankrupt. they could. get this. the unfunded liability of the federal government's pension system surged to $761.5 billion in 2011 and that's up 139 billion from its deficit in 2010. let's discuss this. we have steer moore, keith boykin. steve they are down $760 odd billion. how will this get resolved. it's like social security. >> yeah. by the way, washington, d.c. pension deficit is better than california's. that's a big number you're talking about here. i want to emphasize one thing to the viewers. this has nothing to do with the budget deficit that you guys were just talking about. this is an addition to the trillion dollar deficits we're running. these are not officially on the books. it's money that the federal government owe these federal retirees. i would make two comments about it. number one, as you know, you covered this, the federal pensions are so much more generous than the pension
agents, furloughing 5,100 u.s. marshals for two weeks would reduce the capacity to apprehend violent fugitives, sex offenders, and protect witnesses and judges. u.s. attorneys could handle 2,600 fewer cases than last year, reducing the ability to collect billions of dollars owed to the government. the attorney general emphasizes in that memo sequestration is not just a cuts in washington phenomenon. now some of the doomsday scenarios we heard this week may get a more immediate reaction from lawmakers and citizens. yesterday homeland security secretary janet napolitano said if sequestration lasts more than a month and there are forced furloughs of airport security personnel and air traffic controllers, the start of the spring travel season could feature nightmarish delays and long lines at the nation's major airports for international and domestic travelers. meanwhile, leaders of government employee unions are going to be spending a big part of there president's day weekend getting out the ward to their members about furlough policy as spelled out by omb, the office of management and
to haunt them this year. i think the u.s. is kind of okay. it's a great time to double down on some of the issues that got beaten up overnight. >> don luskin, it's not a throwaway line. here's obama on the super bowl interview. the guy's talking about raising taxes. he needs to go after investment partnership. harry reid wants to go after oil and gas companies and lord knows what. that kind of tax carpet bombing would generate a correction in the market. the market absorbed the last tax hike okay. but we don't want to push our luck, it seems to me. >> i think we're pushing our luck already. the market has yet to wake up to the reality of the last tax hike. the problem is obama puts the threats out because this is his way of premeg nating with republicans who are going to come to him in the debate about the sequesters and continuing resolution. obama is saying, don't even talk to me about entitlement reforms. if you oh mention those words it will be tax, tax, tax. i will control the public dialogue and that's all we'll e talk about. guys, fold your cards now. that's what this is abou
to be the champion of the u.s. manufacturing revival. my next guest has a message for him, get off the road and get to work in washington. jay timmons told business leaders in detroit obama's inability to compromise with gop lawmakers on looming budget cuts is causing manufacturers to pull back from hiring and their expansion plans. jay timmons, welcome back to the show. i'm shocked, shocked that obama gives a state of the union message and then goes out campaign style to sell it. i'm shocked. are you? >> well, quite frankly, we're very happy, larry, that the president is talking about manufacturing. we like it when anybody, republican, democrat in washington talks about manufacturing. we just want to see action. we want to see a growth plan put into place so that we can actually start creating manufacturing jobs. >> what kind of growth plans? obama wants to single out manufacturing. he wants to give you all tax credits if you open up plants in the united states, wants 15 hubs around the country for research center. i don't know what that means. what i want to ask you is what constitutes manufactur
. the fed is the only place that the u.s. government can sell its bonds. the entire -- >> they don't sell directly. >> what's happening is the fed is printing it, buying these mortgage backed securities, giving them to banks and bore roger it back at 3.5. federal deficit is around 700 or 800 billion right now. does the number 85 billion a month sound familiar? it's basically they are printing enough to lend them to the federal government. >> don luskin that sounds like a latin style central bank policy. do you agree with mr. morris? >> yeah. i kind of do to be honest with you. the fed unfortunately has started using fiscal instruments to carry out monetary policy. it's lost its independence. it's going to be v-very difficult for the fed to get out of this. they have to find somebody to buy these products. >> up don't think there's any upside to stocks? i beg to differ. i think profits are good. fed easy money not my favorite thing in the long run. what about budget cuts don luskin. >> i am for budget cuts but please forgive me for pointing out this contradiction you can't out of one side
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a lot of hats. well, technically i wear one. the u.s. postal service®, no business too small. >>> a huge snowstorm is going to hit the northeast tomorrow. how bad is it going to be? the weather channel's jim cantore is live in boston for us tonight. good evening, jim. what does it look like? >> larry, it's not often that i bring one of these with me when i come to do a weather report, but i got this one. so if this gives you an idea what we're talking about, this is three feet of snow. there is a forecast for two to three feet of snow across a good part of massachusetts, southern new hampshire into maine, connecticut, even new york city now with blizzard warnings, expecting 12 to 18 inches there. this is going to be a blockbuster storm. the big question is can we get everybody off the roads in time? that's what the desire is hout . the government says, look, i want all unnecessary vehicles off the road by noon tomorrow. so if we have a scene like you see behind me here, larry, where i-93 is backlogged at this time tomorrow night, we're going to have a disaster on our hands. that means so
yourself? >> i own some stocks in japan and a few other places. not in the u.s. >> don't you love what the japanese are doing? depreciating, saving the world from deflation? >> debasing the currency? >> it's the right thing to do. >> i'm not in favor of debasing the currency. you're a money shufflers. >> i am a money shufflers. or used to be. i think they're saving the world economy by doing this. >> well, i own shares and they're making them go through the roof. i guess in that sense i have to say thank you. but debasing money and printing money is not a good thing. you sound like dr. bernanke. all you guys that went to princeton sound the same. >> i hate to do that, but he's right about japan. bob, welcome back. a lot of business people. big front page story today. a lot of business people not optimistic about the market as some investors are. this article suggests that -- earnings won't either. your take? >> i think it's a mixed bag in a muddle through kind of economy. and we're now looking at businesses who have tons of cash, arguably half of corporate america's balance sheets has
is set to go into effect that threatens u.s. national security, thousands of jobs and more. whoa. that sounds like president obama's argument. that's why i didn't get it as much as i admire boehner. i've got to talk about this. in fact, i've got to talk about it with one of the best economists in the house. vice chair of the joint economic committee. actually, kevin, aren't you the chairman of the joint economic committee now? >> i am incoming chairman, yes. >> well, that's good to hear. but i didn't understand. what's mr. boehner saying? threatens national security? thousands of jobs and more. that's what president obama's saying. what message is boehner sending? you explain this to me. >> look, i think part of the challenge is that these cuts aren't designed the way we would want them. we are worried, of course, about the cuts to national defense. but overall, for us, this issue is about growth. put this in perspective, if the economy were a football field, these spending cuts are one step. one step on that field. we've tried. i think the crowd that said let's spend it, let's s
? let us bring in retired u.s. army general barry mccav raye. he's a military analyst for nbc news. general mccaffrey, welcome back. i just want to ask you this. if the defense department had more flexibility. all right? and let's say they had all the flexibility in the world, which i think is coming, can these cuts be made? can they meet the cuts? it's 500 billion over ten years, but it starts real slow. it's less than $20 billion in 2013. if you have flexibility, barry, can they do it? >> wait. in 2013 it's $46 billion in 22 weeks. >> no, it's not. not cash outlays. >> military pay is exempt and a lot of these contracts can't be affected. so in essence, in a reasonably short period of seven months of the year, you're going to see the department of defense go to fuel expenditures, spare parts, training, furloughing our 800,000 civilian employees, maybe one day a week. who knows? i mean, how do you furlough the people that run dining facilities at fort bragg, north carolina or in afghanistan? by the way, we've got a $6 billion a month war going on. so look, larry, at the end of the
Search Results 0 to 16 of about 17